Many people think of large national banks when they think of banking. However, regional banks can often offer a more personalized and localized banking experience. They may also have lower interest rates and fees than larger banks.
In this article, we’ll examine the best regional banks in terms of customer service, fees, and interest rates. This list is a great place to start if you’re looking for a new place to do your banking or simply want to compare your current bank to others in your area.
Best Regional Banks in the West
Bank of the West
Bank of the West is a large regional bank based in San Francisco, with hundreds of locations nationwide. It offers standard deposit accounts, such as checking, savings, CDs, and money market accounts.
Checking accounts have varying terms and fees, some of which can be waived by signing up for paperless statements. The bank also has a low-interest Choice Interest Checking account and two savings accounts with fee waivers for maintaining a minimum balance.
First Interstate Bank
First Interstate Bank is the largest bank in Montana and 73rd in the US. Established in 1916, it has 313 locations.
Its headquarters are in Billings, but it has locations throughout the states of Idaho, Montana, Oregon, South Dakota, Washington and Wyoming.
Umpqua Bank
Umpqua Bank is the largest bank in Oregon and 75th in the US. Established in 1953, it has 219 locations, headquartered in Roseburg.
It offers a unique Go-To app that allows customers to text a banker for questions or advice. The bank also offers multiple checking accounts, money market accounts and CD terms, with a low deposit requirement to open a money market or savings account.
Union Bank
Union Bank is a full-service bank based in San Francisco, with over 350 branches in California, Washington and Oregon. It offers online, mobile, and telephone banking options in addition to traditional branch banking.
Products include checking, savings, money market, CDs, credit cards, mortgages, loans, insurance and investment services.
Best Regional Banks in the Southwest
BOK Financial
BOK Financial is the largest bank in Oklahoma and 55th in the US. Established in 1910, it has 118 locations and is headquartered in Tulsa. It offers a variety of financial products, including savings, checking, money market, CDs, IRAs, credit cards, and mortgages.
First National Bank Texas
First National Bank Texas (FNBT) was founded in 1901 in Killeen, Texas. Today, it serves customers at over 300 locations across Texas, New Mexico, and Arizona.
The bank offers a variety of personal banking products, including checking accounts, savings accounts, money market accounts, and CDs, and more.
Frost Bank
Frost Bank is based in San Antonio, Texas. Established in 1868, it has 171 locations and 1,700 ATMs throughout Texas.
The serves customers in most of the state’s larger metro areas. It offers a range of products including checking and savings accounts, loans, investing, insurance and wealth management services to help customers manage and grow their money.
MidFirst Bank
MidFirst Bank is the largest privately owned bank in the US. It operates 75 branches in 3 states, with most located in Oklahoma, Arizona, and Colorado. Its headquarters is in Oklahoma City.
MidFirst provides a range of banking options, including multiple types of checking accounts, and the possibility to waive monthly service fees.
Best Regional Banks in the Midwest
Arvest Bank
Arvest Bank is a regional bank based in Bentonville, Arkansas, with over 240 branches in Arkansas, Kansas, Oklahoma and Missouri. It offers checking accounts, savings accounts, money market accounts, and CDs, and its mobile banking app is highly rated in app stores. Accounts can be opened online, but only by residents of the four states the bank serves.
BMO Harris Bank
BMO Harris is the 8th largest bank in North America by assets, headquartered in Chicago and is a subsidiary of the Bank of Montreal. It has over 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Missouri, Minnesota, and Wisconsin.
Fifth Third Bank
Fifth Third Bank is based in Cincinnati, serving customers in 11 states with over 1,100 branches. It offers various checking and savings accounts, money market account and a wide range of CD terms.
The Fifth Third Momentum Checking account boasts no monthly service fee and provides fee-free access to over 50,000 ATMs across the country. The bank also has low deposit requirements and 24/7 access via its highly rated mobile app.
Huntington National Bank
Huntington National Bank is a full-service bank with over 1,100 branches in 12 states, primarily in the Midwest and Southern regions. It provides a range of products and services including banking, wealth management, and insurance.
The bank offers a free checking account, and 24-hour overdraft forgiveness which allows an extra day to make deposits to avoid overdraft and return fees, and other features.
Best Regional Banks in the Southeast
Cadence Bank
Cadence Bank, a regional giant based in Tupelo, stands tall as the largest bank in Mississippi and ranks 51st nationally. It has a network of 448 locations spread across six states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas.
Cadence offers a comprehensive range of financial products, from checking and savings accounts to credit cards, lines of credit, and mortgages.
First Citizens Bank
First citizens Bank, founded in North Carolina in 1898, has a rich history of providing reliable financial services. Its offerings encompass a diverse array of products, such as checking, savings, CDs, credit cards, loans, mortgages, investments, and insurance.
With 586 branches in 22 states, the bank makes banking easy and accessible. It also offers free checking and savings account options with a low minimum deposit requirement.
SouthState Bank
SouthState Bank, the largest regional bank in Florida, was founded in 1992 in Winter Haven. With a presence in six states – Florida, Georgia, Alabama, Virginia, North Carolina, and South Carolina – the bank boasts a network of over 240 branches.
SouthState offers a wide range of banking and investment services to individuals and businesses alike.
Synovus Bank
Based in Columbus, Georgia, Synovus Bank operates 309 branches in five states – Alabama, Florida, Georgia, South Carolina, and Tennessee.
The bank provides a comprehensive range of financial services, including loans, deposit products, investment services, financial planning, and wealth management, empowering its customers to reach their financial goals.
Best Regional Banks in the Northeast
Fulton Bank
Fulton Bank, based in Lancaster, Pennsylvania, is a regional bank with a presence in 5 mid-Atlantic states – Delaware, Maryland, New Jersey, Pennsylvania, and Virginia. With over 250 branches, Fulton Bank offers an array of personal banking products, including checking, savings, money market accounts, and certificates of deposit.
M&T Bank
M&T Bank is a major regional bank headquartered in Buffalo, New York, serving customers in 13 states, with a strong presence in New York, Connecticut, Maryland, Pennsylvania, and New Jersey.
The bank offers a wide range of financial products, including checking and savings, loans, retirement accounts, credit and debit cards, and investment services. With M&T Bank’s basic checking account, there’s no monthly fee.
Valley National Bank
Valley National Bank was established in 1927 and is headquartered in Wayne, New Jersey. It boasts 200 convenient branches across several states, including New Jersey, New York, Florida, Alabama, California, and Illinois.
The bank offers a range of checking and savings accounts, including Rewards Checking and Interest Checking.
Webster Bank
Webster Bank, based in Stamford, Connecticut, operates 177 branches across Connecticut, Massachusetts, Rhode Island, and New York. It offers a comprehensive range of financial products, including checking, savings, and money market accounts, CDs, and lending products.
With 5 different checking accounts to choose from, including an Opportunity Checking account for those seeking second-chance banking, Webster Bank caters to a wide range of banking needs.
Big Regional Banks with Locations in Multiple Regions
Citizens Bank
Citizens Bank is based in Providence, Rhode Island and is the 15th largest bank in the US. It operates over 1,000 branches across 11 states in New England, Mid-Atlantic, and Midwest regions.
It offers various retail, small business and commercial banking products. The bank also has online-only savings accounts and CDs with competitive interest rates and no monthly fees.
KeyBank
Headquartered in Cleveland, Ohio, KeyBank operates over 1,000 full-service branches in 15 states, offering a range of banking products including personal checking, savings, money market, and CDs. The bank is committed to providing excellent customer service, with 24/7 phone support available.
Regions Bank
Regions Bank is the largest bank in Alabama, with its headquarters in Birmingham. Operating over 1,500 branches in 15 states across the South and Midwest, the bank offers 24/7 phone customer service.
In addition to traditional banking services, Regions Bank also provides convenient digital banking features, including mobile and online banking, account management, bill pay, and remote check deposit.
TD Bank
TD Bank is headquartered in Cherry Hill, New Jersey-based with a presence primarily along the East Coast in 15 states. The bank operates 1,200 branches and is the ninth-largest bank in the nation.
TD Bank offers a range of financial products including checking, savings, and money market accounts, certificates of deposits, and credit cards. Additionally, its physical locations offer extended hours to accommodate customer needs.
Truist
Truist Bank is based in Charlotte, North Carolina, with a presence in 17 states and the District of Columbia. With over 2,100 branches, the bank primarily serves customers in the Southern states but also has locations in Indiana, Maryland, New Jersey, Ohio, and Pennsylvania.
Truist offers a range of banking products including checking, savings, money market, CDs, credit cards, and more.
U.S. Bank
U.S. Bank it headquartered in Minneapolis, and it’s the fifth-largest bank by assets in the United States. Its services are primarily in the Western and Midwestern parts of the country with over 2,000 branches in 26 states.
U.S. Bank provides customers with a vast network of ATMs, including those in the MoneyPass network. They offer a comprehensive selection of products, such as deposit accounts and mortgages. Customers can choose to open accounts either in-person or through the bank’s online platform. Its mobile app is also highly rated.
Factors to Consider When Choosing a Regional Bank
When it comes to selecting a regional bank, there are several important factors to keep in mind to ensure you make the right choice for your financial needs. These include:
- Location: Ensure the bank has branches and ATMs conveniently located near your home and workplace for easy access and transactions.
- Fees: Compare fees such as monthly maintenance fees, overdraft fees, ATM fees, and others to make sure they are reasonable and in line with other regional banks.
- Interest rates: Evaluate interest rates and annual percentage yields (APYs) for checking and savings accounts, as well as loans, to get the best deal possible.
- Online and mobile banking: Assess the bank’s digital offerings such as online banking and mobile app capabilities to make sure they meet your needs and are user-friendly.
- Customer service: Look into the bank’s customer service reputation by reading reviews and asking others. Choose a bank with a strong reputation for assisting customers with their financial needs.
- Security: Verify that the bank has robust security measures in place to protect your personal and financial information.
Frequently Asked Questions
What are regional banks?
Regional banks, as per the Federal Reserve Board, are financial institutions with assets between $10 billion and $100 billion, putting them in between community banks and larger national or international banks. However, the definition may vary among different sources.
These banks serve a designated geographic region, usually within one state or a few states, and offer a variety of commercial banking services like checking accounts, savings, mortgage loans, and more.
How do regional banks differ from national banks?
National banks cater to a broad geographical area, spanning across several states and sometimes the entire country. Unlike national banks, regional banks concentrate more on meeting the requirements of their local communities. The scope of service for regional banks can greatly differ, with some serving small regions, while others offer services to larger territories.
What’s the difference between a regional bank and a community bank?
Regional banks are typically bigger and offer a wider range of services compared to community banks. They have multiple branches and ATMs across a state or region, and provide more advanced financial products.
In contrast, community banks are focused on serving the local community and are generally smaller with fewer branches and ATMs. They put a strong emphasis on personal banking services like checking and savings accounts, home loans, and consumer loans. Additionally, they have close ties to the community and often prioritize lending to small businesses and community organizations.
What are some benefits of using a regional bank?
Regional banks often provide a more personal touch and in-depth local knowledge. Additionally, they are connected to the community and offer more flexible lending options. Furthermore, their fees tend to be lower compared to bigger banks.
For those who prioritize low fees, online banks are another option to consider. These banks, also known as digital or online-only banks, have the lowest fees of all banking options, thanks to their lower overhead expenses. They pass the savings on to their customers.
Are there any downsides to using a regional bank?
Regional banks may have fewer branches and ATMs compared to big banks, which can be a disadvantage for some customers. Moreover, they may not offer as many types of accounts or financial products as large banks.
What should I look for when choosing a regional bank?
When choosing a regional bank, take into account elements like its reputation, monthly fees, and available accounts. Additionally, think about its proximity and if it provides online and mobile banking services.
Can I open an account with a regional bank if I don’t live in the region they serve?
It depends on the bank’s policies. Some regional banks may require that you live in the region they serve to open a bank account, while others may be more flexible.
How many regional banks are there in the U.S.?
Based on the Federal Reserve Board’s definition of a regional bank, of $10 billion to $100 billion in assets, there are around 120 regional banks in the U.S.
